One in five Britons have put starting a family on hold due to inability to afford their first home, according to the housing charity Shelter.
The recently released report suggested that financial shortfalls have lead to a fifth of adults aged between 31 and 44 deciding to wait until they can afford a home before they have children. Of those 26% have already been delaying for five or more years.
For the years since the recession, house prices and deposit requirements have grown significantly faster than salaries making it difficult for many people looking to buy their first home. Tightened borrowing criteria and an increase in the amount required for a deposit on a first home has led to a recent drop in mortgage approvals.
The report suggests that between 2008 and 2011, a third of first time buyers were aged over 35, often finding themselves priced out of homeownership and having to wait to purchase their first property.
Shelter have now called for the government to take action to help prevent a generation being locked out of homeownership due to unaffordable house prices. Kay Boycott, director of communications, policy and campaign said:
“It’s heartbreaking that so many people are being forced to put their lives on hold in this way.”
“The Government has a responsibility to act now to ensure that today’s young people and the generation after them aren’t denied something as basic as a proper home to raise their children in.”
Sally Russell, founder of parenting website Netmums said:
“One of the most basic requirements to raise a family is to have a family home, yet this is becoming increasingly unattainable for many people today.”
“The latest news from Shelter that the number of 31 to 44-year-olds who are delaying starting a family has leapt by two thirds is simply shocking.”
“Sadly for a number of these, leaving it too late means they may never be able to have children. For others, it could mean both parents forced to work full time when their baby is tiny just to keep a roof over their heads.”
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